International Investors need to be sure that real estate prices in Florida have finally got to the bottom before investing. In the UK people who were thinking of retiring to the sunshine state have been sitting on their hands itching to buy when the time is right. So is 2010 the right time to buy?
From where I sit as international real estate observer it seems 2010 will be the right time to get value for money and not lose out on falling prices.
The Good News
Orlando house prices are at their lowest levels since 2001 with the average house price at $123000 (approx £75,650) according to reports from Florida based Orlando Sentinel. The pace of sales last month actually fell slightly from October, to 2,238 from 2,319, but the November total was up more than 100 percent from the same month a year ago, an indication of how much sales activity has been improving for more than a year now. .
The Bad News
The big worry is Florida bumped California in November to earn the No. 2 rank nationally for the rate of foreclosures, with one in every 165 homes in danger of becoming bank-owned, according to a report to be released today by Irvine, Calif.-based RealtyTrac. It bucked the national trend, which has seen four months of foreclosure decreases, including an 8 percent drop in November compared with October. Statewide, Florida foreclosures increased 2 percent in November over October, and about 8 percent compared.
So where what is an overseas buyer to think?
What is in store for 2010 in Florida housing market is Florida typical to other US states or is the market there unique?